Stores & Success Metrics
The Battle for Customer Loyalty Heats Up as Big Firms Gain Share and Service Models Diversify
Order Report - Stores & Success Metrics: The Battle for Customer Loyalty Heats Up as Big Firms Gain Share and Service Models Diversify
Report Overview
Firms across the industry are battling to capture more households and share of wallet. Many are introducing new service models designed to accommodate different asset levels and service demands, and customer outreach during COVID-19 reached a crescendo. But, surprisingly, despite all the efforts across the board, only a few of the largest stores are increasing reach. Unfortunately, consumer trust, intent to invest more and intent to recommend is down, especially with the $2M+ segment.
Key Findings
- Most consumers have multiple saving and investing relationships but did not add new ones in 2020
- Outreach during COVID-19 mattered. Lack of outreach is associated with lower intent to recommend, while more contact and more personalization is associated with higher intent to recommend
- Nationally, share of wallet at the primary store is going up
- The biggest stores substantially increased their reach into U.S. households, by organic growth and acquisition
- Stores are diversifying across Inside Advice® Grid, creating new service models and moving customers into more robust categories
- High trust, intent to recommend and intent to invest more at current relationships dropped at the national level, driven by steep declines in relationships with households with $2M+
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Sample Report Pages
Table of Contents
Methodology
1-3
Executive Summary
4-6
Key Findings & Implications
7
Favorite Statistics
8
Related Research
9
Key Findings
1: Most consumers have multiple saving and investing relationships but did not add new ones in 2020.
Exhibit 1.1 — Number of Saving & Investing Relationships: National, by Year
10
Exhibit 1.2 — Households Involved in Money Movement and Transaction Type: National, 2020 vs. 2018
11
Exhibit 1.3 — Average Number of Saving & Investing Relationships: by Investable Assets, by Year
12
Exhibit 1.4 — Number of Saving & Investing Relationships: National, by Year
13
Exhibit 1.5 — Number of Saving & Investing Relationships: $2M+ Investable Assets, 2020
14
Exhibit 1.6 — Crosstab of Average Number of Saving & Investing Relationships by Investment Decision Process Preference: by Investable Assets, 2020
15
Exhibit 1.7 — Average Number of Saving & Investing Relationships by Store: All Customer Types, by Year
16
Exhibit 1.8 —Number of 4+ Saving & Investing Relationships by Store: All Customer Types, 2020
17
2: Outreach during COVID-19 mattered. Lack of outreach is associated with lower intent to recommend, while more contact and more personalization is associated with higher intent to recommend.
Exhibit 2.1 — Crosstab of COVID-19 Outreach From Main Provider by Intent to Recommend Store: National, 2020
18
Exhibit 2.2 — COVID-19 Outreach From Main Provider: National, 2020 (Aug) vs. 2020-May
19
Exhibit 2.3 — COVID-19 Outreach From Main Provider: by Investable Assets, 2020 (Aug) vs. 2020-May
20
Exhibit 2.4 — COVID-19 Outreach Via Phone or Email by Store: All Customer Types, 2020 (Aug)
21
Exhibit 2.5 — Satisfaction With Frequency of COVID-19 Outreach From Main Provider: 2020 (Aug) vs. 2020-May
22
Exhibit 2.6 — Satisfaction With Usefulness of COVID-19 Outreach From Main Provider: 2020 (Aug) vs. 2020-May
23
Exhibit 2.7 — Top 2-Box Satisfaction With Frequency of COVID-19 Outreach: All Customer Types, 2020
24
Exhibit 2.8 — Top 2-Box Satisfaction With Usefulness of COVID-19 Outreach: All Customer Types, 2020
25
3: Nationally, share of wallet at the primary store is going up.
Exhibit 3.1 — Mean Share of Wallet Held at Primary1 Store: National, by Year
26
Exhibit 3.2 — Mean Share of Wallet Held at Primary1 Store: by Investable Assets, by Year
27
Exhibit 3.3 — Mean Share of Wallet by Store: All Customer Types, 2020
28
Exhibit 3.4 — Mean Share of Wallet by Store: All Customer Types, by Year
29
Exhibit 3.5 — Distribution of Share of Wallets by Store: All Customer Types, 2020
30
Exhibit 3.6 — Serve as Primary Store by Store: All Customer Types, 2020
31
Exhibit 3.7 — Serve as Primary Store by Store: All Customer Types, by Year
32
Exhibit 3.8 — Serve as Main Source of Retirement Advice: All Customer Types, 2020
33
Exhibit 3.9 — Connections between Main Source of Retirement Advice and Primary Store: All Customer Types, 2020
34
4: The biggest stores substantially increased their reach into U.S. households, by organic growth and acquisition.
Exhibit 4.1 — Top Stores for Household Relationships/Reach*: All Customer Types, by Year
35
Exhibit 4.2 — Top 5 Stores for Household Relationships/Reach*: All Customer Types by Investable Assets, by Year
36
Exhibit 4.3 — Top Stores for Share of U.S. Retail Investable Assets (<$5M), by Year
37
5: Stores are diversifying across Inside Advice® Grid, creating new service models and moving customers into more robust categories.
Exhibit 5.1 — Validated Position of Advice Experiences on Inside Advice® Grid & Directions of Innovation, 2018
38
Exhibit 5.2 — Consumer-Reported Position of Relationships by Inside Advice® Categories: National, by Year
39
Exhibit 5.3 — Consumer Perception* on Inside Advice® Grid by Store: All Customer Types, 2017
40
Exhibit 5.4 — Consumer Perception* on Inside Advice® Grid by Store: All Customer Types, 2020
41
6: High trust, intent to recommend and intent to invest more at current relationships dropped at the national level, driven by steep declines in relationships with households with $2M+.
Exhibit 6.1 — High Trust (Trust Levels of 9 -10): National, by Year
42
Exhibit 6.2 — High Trust (Trust Levels of 9 -10): by Household Investable Assets, by Year
43
Exhibit 6.3 — High Trust (Trust Levels of 9 -10), Primary vs. Secondary Store: National, by Year
44
Exhibit 6.4 — High Trust (Trust Levels of 9 -10), Primary vs. Secondary Store: by $2M+ Investable Assets, by Year
45
Exhibit 6.5 — Trust by Store: All Customer Types, 2020
46
Exhibit 6.6 — High Trust (Trust Levels of 9 -10) by Store: All Customer Types, by Year
47
Exhibit 6.7 — High Likelihood to Recommend (Levels of 9 -10): National, by Year
48
Exhibit 6.8 — High Likelihood to Recommend (Levels of 9 -10): by Investable Assets, by Year
49
Exhibit 6.9 — Likelihood to Recommend by Store: All Customer Types, 2020
50
Exhibit 6.10 — High Likelihood to Invest More (Levels of 9 -10): National, by Year
51
Exhibit 6.11 — High Likelihood to Invest More (Levels of 9 -10): by Investable Assets, by Year
52
Exhibit 6.12 — Likelihood to Invest More by Store: All Customer Types, 2020
53
Exhibit 6.13 — Hearts & Wallets Loyalty Score by Store: All Customer Types, 2020
54
Data Dictionary
55-58
Appendix
59-63
Glossary
64
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